Allowance for Credit Losses (Tables)

12 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Allowance for Credit Losses and Balance of Loans Receivable

The following tables present the balance of the allowance for credit losses at June 30, 2022 and 2021. The balance of the allowance for credit losses is based on the CECL methodology, as noted above. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.

	Allowance for Credit Losses
	June 30, 2022
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	849	$	24,472	$	25,321
Nonresidential mortgage		-		73		2,696		7,821		10,590
Commercial business		-		9		16		1,767		1,792
Construction		-		-		-		1,486		1,486
One- to four-family   residential mortgage		-		229		148		7,163		7,540
Home equity loans		26		-		-		219		245
Other consumer		-		-		-		84		84
Total loans	$	26	$	311	$	3,709	$	43,012	$	47,058

	Balance of Loans Receivable
	June 30, 2022
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	-	$	-	$	26,653	$	2,382,437	$	2,409,090
Nonresidential mortgage		377		5,033		31,517		982,911		1,019,838
Commercial business		-		1,267		293		175,247		176,807
Construction		-		5,735		1,561		132,835		140,131
One- to four-family   residential mortgage		87		6,460		8,402		1,630,867		1,645,816
Home equity loans		329		58		1,102		40,539		42,028
Other consumer		-		-		-		2,866		2,866
Total loans	$	793	$	18,553	$	69,528	$	5,347,702	$	5,436,576
Unaccreted yield adjustments										(18,731	)
Loans receivable, net of   yield adjustments									$	5,417,845

Note 6 – Allowance for Credit Losses (continued)

	Allowance for Credit Losses
	June 30, 2021
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	-	$	155	$	1,368	$	26,927	$	28,450
Nonresidential mortgage		2,700		692		2,025		10,826		16,243
Commercial business		-		15		33		2,038		2,086
Construction		-		49		-		1,121		1,170
One- to four-family   residential mortgage		122		204		447		8,974		9,747
Home equity loans		21		1		1		410		433
Other consumer		-		-		-		36		36
Total loans	$	2,843	$	1,116	$	3,874	$	50,332	$	58,165

	Balance of Loans Receivable
	June 30, 2021
	Loans acquired with deteriorated credit quality individually analyzed		Loans acquired with deteriorated credit quality collectively evaluated		Loans individually analyzed		Loans collectively evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	-	$	5,599	$	18,526	$	2,015,135	$	2,039,260
Nonresidential mortgage		6,519		25,844		30,668		1,016,413		1,079,444
Commercial business		183		2,533		729		165,506		168,951
Construction		-		12,970		2,228		78,606		93,804
One- to four-family   residential mortgage		3,617		4,785		15,553		1,423,766		1,447,721
Home equity loans		380		65		1,364		46,062		47,871
Other consumer		-		-		-		3,259		3,259
Total loans	$	10,699	$	51,796	$	69,068	$	4,748,747	$	4,880,310
Unaccreted yield adjustments										(28,916	)
Loans receivable, net of   yield adjustments									$	4,851,394

The following tables present the activity in the ACL on loans for the years ended June 30, 2022 and 2021:

	Changes in the Allowance for Credit Losses
	Year Ended June 30, 2022
	Balance at June 30, 2021		Charge-offs			Recoveries		(Reversal of) provision for credit losses			Balance at June 30, 2022
	(In Thousands)
Multi-family mortgage	$	28,450	$	(1,896	)	$	-	$	(1,233	)	$	25,321
Nonresidential mortgage		16,243		(2,646	)		812		(3,819	)		10,590
Commercial business		2,086		(193	)		160		(261	)		1,792
Construction		1,170		-			-		316			1,486
One- to four-family   residential mortgage		9,747		-			147		(2,354	)		7,540
Home equity loans		433		-			27		(215	)		245
Other consumer		36		(2	)		2		48			84
Total loans	$	58,165	$	(4,737	)	$	1,148	$	(7,518	)	$	47,058

Note 6 – Allowance for Credit Losses (continued)

	Changes in the Allowance for Credit Losses
	Year Ended June 30, 2021
	Balance at June 30, 2020 (prior to adoption of ASC 326):		Impact of adopting Topic 326			Charge-offs			Recoveries		Initial allowance on PCD loans		(Reversal of) provision for credit losses			Balance at June 30, 2021
	(In Thousands)
Multi-family mortgage	$	20,916	$	8,408		$	-		$	-	$	250	$	(1,124	)	$	28,450
Nonresidential mortgage		8,763		2,390			(80	)		-		1,720		3,450			16,243
Commercial business		1,926		(421	)		(1,446	)		17		1,007		1,003			2,086
Construction		236		80			-			-		99		755			1,170
One- to four-family   residential mortgage		4,860		9,106			(13	)		4		720		(4,930	)		9,747
Home equity loans		568		92			(32	)		-		105		(300	)		433
Other consumer		58		(15	)		(41	)		9		-		25			36
Total loans	$	37,327	$	19,640		$	(1,612	)	$	30	$	3,901	$	(1,121	)	$	58,165

For the accounting policy on the allowance for loan losses that was in effect prior to the adoption of Topic 326, see Note 1 to our Annual Report on Form 10-K for the fiscal year ended June 30, 2020. The following table presents the activity in the allowance for loan losses for the year ended June 30, 2020:

	Changes in the Allowance for Loan Losses
	Year Ended June 30, 2020
	Balance at June 30, 2019		Charge-offs			Recoveries		Provision for (reversal of) credit losses			Balance at June 30, 2020
	(In Thousands)
Multi-family mortgage	$	16,959	$	-		$	-	$	3,957		$	20,916
Nonresidential mortgage		9,672		-			10		(919	)		8,763
Commercial business		2,467		(50	)		2		(493	)		1,926
Construction		136		-			-		100			236
One- to four-family   residential mortgage		3,377		-			-		1,483			4,860
Home equity loans		491		-			-		77			568
Other consumer		172		(139	)		33		(8	)		58
Total loans	$	33,274	$	(189	)	$	45	$	4,197		$	37,327

Allowance for Credit Losses on Financing Receivables Off Balance Sheet Commitments

The following table presents the activity in the ACL on off balance sheet commitments recorded in other non-interest expense for the years ended June 30, 2022 and 2021:

	Year Ended June 30,
	2022			2021
	(In Thousands)
Balance at beginning of the period	$	1,708		$	-
Impact of adopting Topic 326 (1)		-			536
(Reversal of) provision for credit losses		(667	)		1,172
Balance at end of the period	$	1,041		$	1,708

(1) Adoption of CECL accounting standard effective July 1, 2020.